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Just two weeks ago, we posted an article discussing where mortgage interest rates may be heading over the next twelve months. We quoted projections from Fannie Mae,Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.

However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and have remained at 3.65% for the past two weeks.

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. The only thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.

Known as the only soul music museum in the world, Stax Museum has been open since 2003. It is located a 926 East McLemore Ave, which was the home of Stax Records until its bankruptcy in 1976.

The Stax Museum is a replica of the Stax recording studio, the former Capitol Theatre, down to the sloping floor of studio A. The 17,000-square-foot museum features more than 2,000 videos, films, photographs, original instruments used to record Stax hits, stage costumes, interactive exhibits, and other items of memorabilia. Some of the standout exhibits include the Soul Train dance floor, Isaac Hayes' restored 1972 gold-trimmed Cadillac El Dorado, and a changing gallery where special exhibits change five times each year.

Stax Museum is operated by Soulsville USA, which also operates the adjacent Stax Music Academy. The Stax Music Academy is a state-of-the-art facility where primarily at-risk youth are mentored through music education and unique performance opportunities they would otherwise likely never experience. The building also houses The Soulsville Charter School, an academically rigorous, musically rich school where students study math, language arts, science, social studies, and orchestra. Their Soulsville Symphony Orchestra has played for the likes of Stevie Wonder, John Legend, and Isaac Hayes.

Stax Museum is open Tuesday – Saturday 10am – 5pm and Sunday 1pm – 5pm. Admission is $13 for adults, $12 for seniors 62 +, Active Military, and students with proper ID, and $10 for children aged 9-12. Children under 8 are free with a paid adult. Visit the website or call 901.942.7685

If you not been to this gem of American Soul Music history, make plans to go today!

During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around.

According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the next three years. This brings household formations back to pre-recession numbers of 1.2 million a year.

What will happen in 2016?

One of the key indicators to an improving housing market is household formation: How many people are moving out and forming an independent living unit? Many of the people “moving out on their own” will be those Millennials who can finally move from their parents’ basements to their first home.

Not every person moving out will decide on an apartment. A certain percentage of consumers will decide that homeownership is a better option for themselves and their families.

“Demand for for-sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.”

What about household
formations moving forward?

And Louis Keely, the President of The Demand Institute,predicts strong household growth will continue over the next ten years:

“We expect new household formation to be robust over the next decade as the large millennial generation ages and forms new households of their own.”

Bottom Line

Here come the Millennials!! They will finally be entering the housing market in 2016 and will dominate real estate sales over the next decade.

Seasons 52 introduces Memphis to a finely honed concept that offers opulent decor, an open kitchen along one wall, and a circular bar with a piano player in the middle. And like the wine list, the restaurant’s menu, brings surprises sometimes missed by corporate chains, such as luscious desserts layered into shot glasses and Meyer lemons, grilled as a garnish for seafood plates.

Located in Crescent Center at the intersection of Poplar and Ridgeway, Seasons 52 is known nationally for its fresh, seasonal restaurant dishes. The brand concept is to deliver a sophisticated atmosphere, seasonal menu, and offer fresh ingredients to deliver menu items that are naturally lighter. The restaurant's core menu changes four times a year with every season, and all the features on the right hand panel of the menu change every week, 52 times a year. Chef Cassie Presley favors Branzino, a silver-skinned Mediterranean sea bass on the winter menu. “We roast it whole and serve it with thyme oil to add richness to the flavor,” said Presley, who is not related to our city’s legendary son. “We are very proud of the dish.”

In addition to the elegant upscale restaurant, they feature The Chef’s Table, which is a private dining room for groups and has a personalized menu. It would be a fun way to celebrate a big occasional with friends or co-workers. And once the warm weather gets here, there’s a great patio area for dining and relaxing. If you’d never tried Seasons 52 before, grab someone special and enjoy a memorable meal here.

Seasons 52 Fresh Grill is located at 6085 Poplar Avenue in Memphis. Visit www.seasons52.com or call 901.682.9952 for reservations, to plan an event, view the menu, and other details.

Welcome home to 1884 Speyburn Cove, an amazing home that you will have to see to believe! Situated in the sought after Glen Lakes subdivision featuring gleaming hardwood floors, neutral colors, arched doorways, granite counter-tops, stainless steel appliances, cozy fireplaces, smooth ceilings, updated fixtures, TV niche, plant ledges, 3 bedrooms, 2 baths, attic, laundry room, insulated 2 car garage, new storm doors, and so much more! Spacious, warm and inviting great room complete with an arched TV niche, plant ledge, and a cozy fireplace with a tile surround, which is perfect for those cold winter nights. From the great room enter the lovely dining room through the large arched doorway. Style and utility are masterfully fused together in the wonderful kitchen equipped with desirable granite counter-tops and full complement of stainless steel appliances. Amazing master retreat features a private luxury bathroom. Relax outside in the fenced backyard under the covered patio, perfect for cookouts and parties! Do not miss out on this magnificent home!

Welcome home to 7875 Winoak Lane, an amazing home that you will have to see to believe! Built for entertaining, this spacious home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include gleaming wood floors, neutral colors, new granite, tile backsplash, cozy fireplace, crown molding, 4 bedrooms plus bonus/sun room, 2 car garage, and so much more! The spacious, warm and inviting great room is a great place to come home and relax. Cooking will be a delight in this incredible kitchen with new granite countertops, tile backsplash, breakfast bar with pendant lighting, built-in planning desk, full complement of appliances including a dishwasher, stainless steel self-cleaning oven, microwave, double sinks and cook-top. Gather in the splendid hearth room located off the kitchen featuring French doors leading to the bonus/sunroom, and an eye-catching cozy fireplace, perfect for those cold winter nights. Host the finest dinner parties in the romantic dining room with a dazzling chandelier. The master bedroom comes with a walk-in closet and a spa-inspired luxury master bathroom boasting durable tile floor, make-up area, stained glass window over the relaxing tub and a divine walk-in shower. This home offers 3 additional bedrooms upstairs. The bonus room or fourth bedroom features a great space for a home office and recreational fun. Sit back and enjoy the wonderful sun room overlooking the beautiful backyard. Relax outside in the fenced backyard with a delightful deck, perfect for cookouts and parties!

CoreLogic’s latest Equity Report revealed that 256,000 properties regained equity in the third quarter of 2015. This is great news for the country, as 92% of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News For Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“Home price growth continued to lift borrower equity positions and increase the number of borrowers with sufficient equity to participate in the mortgage market. In the last three years, borrowers with at least 20 percent equity have increased by 11 million, a substantial uptick that is driving rapid growth in home equity originations.”

Anand Nallathambi, President and CEO of CoreLogic, believes this is a great sign for the market in 2016 as well, as he had this to say:

“Homeowner equity is the largest source of wealth for many Americans. The rise in home prices, expected to be at least 5% in 2016, will continue to build wealth and confidence across America. As this process continues, it will provide support for the housing market and the broader economy throughout [the] year.”

This is great news for homeowners! But, do they realize that their equity position has changed?

A study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their home as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position (down from 9% in Q2).

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do!

This means that 37% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

If you are one of the many Americans who are unsure how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2016! Meet with a local real estate professional today, who can help you evaluate your situation and assist you along the way!

Welcome home to 5698 Normandy Road, a charming 3 bedroom, 2 bathroom home located in the Sylvan Hills subdivision of Memphis. This unique home features a spacious Great Room with vaulted ceiling and arched doorways with recessed lighting and hardwood floors. The eat-in kitchen boasts a large granite island with seating, a full complement of appliances, and a cozy gas fireplace. The luxury Master Suite has neutral colors and hardwood floor with master bathroom. 2 addition bedrooms with a shared bath , along with a bonus living area complete this home. The lush backyard is a true oasis with the elaborate landscaping, deck & arbor, lighting system, waterfall, and mosquito misting system. Don’t let this gem of a home get away! Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale. Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

Welcome home to 12195 Dunsmuir Lane, a breathtaking Arlington home that you will have to see to believe! Built for entertaining, this spacious home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include gleaming hardwood floors, neutral colors, 2 fireplaces, crown molding, 4 bedrooms plus bonus room, smooth ceilings, updated fixtures and so much more! Relax outside in the fenced backyard with a nice covered porch, perfect for cookouts and parties! A 3 car garage completes this gem of a home! Don’t let this home get away from you! Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale. Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

Valentine’s Day is this weekend! Looking for some last minute ideas... here are a few for how to celebrate with your sweetheart. If you’re looking for inexpensive date ideas, click here. If you’re looking for some local sweet treats, click here.

1. Go To Dinner
You’ll need reservations. Prices do not include tax, gratuity, or drinks.

– Amerigo Italian Restaurantwill have limited reservations Feb. 12th through the 14th with a regular menu and chef’s specials.– Babaluwill have lunch and dinner specials containing aphrodisiac ingredients from Friday the 12th through Sunday the 14th.– B.B. King’s will have a special menu and live music.
– Bounty on Broadwill be open for Sunday brunch 11 a.m. – 2 p.m. and Sunday dinner 6 p.m. – 9 p.m.
–Cafe 1912 will have their regular menu plus a few Valentine’s specials for each course Feb. 12 – 14. On the 14th, they’ll have a limited menu.
– Celtic Crossing will have brunch and prix fixe dinner menu starting at 3 p.m. All guests to the pub on the 14th will get a Claddagh ring token and Irish chocolates while they last.
– The Farmerwill have a three-course meal with seating from 6 p.m. to 9 p.m. $45 per person.
– Felicia Suzanne’s will have a three-course prix-fixe menu with three choices for each course for $75 per person.
– Flying Saucer downtown will have a Valentine’s beer breakfast (waffles, candied bacon, mini beer flight, and more) for $30 per couple.
– Lafayette’s will have a six-course meal for $65 per person, with an optional $25 per person wine pairing. They’ll have four seatings: 6 p.m., 7 p.m., 8 p.m., and 9 p.m. Call for reservations.
– Schweinehaus will host a Founder’s beer dinner.
– Sweet Grass will serve a three-course prix fixe menu for $45 per person.